Nepal Breaking NewsBusinessSoybean oil boosts exports after ten months of foreign trade

Soybean oil boosts exports after ten months of foreign trade

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KATHMANDU: Since the COVID pandemic, the government has shut down all non-essential services. Vehicle services, cities, and are also shut down. However, consumer goods imports and exports increased in the .

Exports increased by 22.34 in April/May compared to the previous fiscal year, according to the Department of . In the previous fiscal year, exports fell by 4.81 percent. Imports, on the other hand, have increased. Imports increased by 32.19 percent in April/May of the current fiscal year compared to the previous year.

Last year’s COVID pandemic wreaked havoc. There a significant drop in goods imports and exports at the time. As a result, this year’s figure is more encouraging than last year’s.

According to the department’s statistics, goods worth Rs. 108.47 billion were exported from Nepal between April and May of this fiscal year. Exports were only Rs. 82.06 billion in the same period the previous fiscal year.

Nepal was the world’s exporter of soybean oil at the time. Soybean oil exports totaled Rs 35 billion, according to statistics. After that, carpets and cardamom worth Rs 5.98 billion and Rs 5.97 billion were exported.

Imported goods totaled Rs. 1,025.13 billion in April/May of the previous fiscal year. Goods worth Rs. 1254.11 billion were imported during the same period of the current fiscal year. In comparison to the previous year, goods worth Rs. 228.97 billion more entered Nepal this year.

As of April/May of this fiscal year, the highest import of diesel was Rs. 70.56 billion, according to statistics. Diesel imports brought in Rs 42.98 billion for the government.

Steel and iron raw materials were imported in the second. During this time, steel and iron raw materials worth Rs 57.31 billion were imported. Soybean oil is imported in the third largest amount, at Rs 38.5 billion. According to the department, phones worth Rs 32 billion were also imported.

The trade is increasing.

Despite higher imports and exports, the trade deficit has grown by 21% in the first ten months of the current fiscal year. In the first ten months of the previous fiscal year, the trade deficit was Rs 943 billion. The trade deficit increased to Rs. 1,145.63 billion in the same period the previous year.

According to businessman Pawan Golyan, the increase in exports is due to increased in Nepal, even during the COVID .

“Nepal’s production has increased by 10% during this time,” he said. It’s only natural that as production rises, so will exports.”

According to him, there is a growing demand for Nepali products on the global market.

Motilal Dugar, the Prime Minister’s Economic Adviser, said the increase in exports was in line with the government’s policy. “The government is working with the private sector in mind,” he said. This administration is committed to reducing the trade deficit. The government is increasing production to reduce the trade deficit by creating a list of items to be exported.”

He stated that the government was preparing to increase the amount of goods exported as well as to release goods that had been held up.

For the first time in its history, Nepal has exported more than 100 billion items during this time period.

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